Economic Survey's projections consistent with India's economic acceleration: Dr Arvind Virmani, ChintanLive.org

In a chat with ET Now, Dr Arvind Virmani, Head, ChintanLive.org, Former ED IMF & CEA, MoF, shares his views on the Economic Survey 2014-15. Excerpts:

Mythili Bhusnurmath: How do you view numbers projected by the Economic Survey 2014-15? Are they honest numbers? Would you agree that the quality of the fiscal deficit matters much more than numbers per se?

Dr Arvind Virmani: At the time of the last budget, I had said that I expected increase in GDP growth by about 1% for this year, and between half and one per-cent for 2015-16. The increase over the last year projected by the Economic Survey is 0.9% and the one this year is 0.6%. It is completely consistent with the acceleration in the economy that I had expected.

On fiscal deficit, one can't disagree with the issue of an improvement in transparency. The priority going forward will be to make things more consistent with international practices.

I am fairly confident that the government will stick to the targets that were outlined in the June 2014 Budget. The reason is that there are a lot of collateral benefits associated with that.

According to me, chances are that the numbers in the Union Budget will remain 3.6% and 3%.